Steve For someone starting with nothing the medium priced property does not fit, hence wages are relevant and restrict ones price point. For people who already have something, may have bought a dump, put on a new verandah, rode the boom then wages are not so relevant. If you have a house fully paid worth 800k and want to upgrade to a 1.2m home you are only at 4.5 average wage. 2 income family doing this is even easier. People inherit money all the time. Gives people the opportunity to upgrade to a suburb they might aspire to. Wages only impact on the serviceability of a loan, they do not restrict price growth.
